13-02-03 The Japanese Azerbaijan Oil Company (JAOC) has made a gas discovery at its Atashgah Field offshore Azerbaijan in the Caspian Sea.
The joint venture led by Japan Exploration (Japex) and including Teikoku Oil, Indonesia Petroleum (Inpex), and Itochu, holds an exploration and production license for the offshore Atashgah, Yanan Tava, and Mugan Daniz prospects in association with the Azeri state oil company SOCAR.

SOCAR said that JAOC made the gas strike while drilling its second exploratory well on the Atashgah Field utilizing the Transocean jackup Trident 20. The first exploratory well was halted last summer due to encountering high pressure and several technical problems.
The joint venture has committed to investing approximately $ 2.3 bn in the exploration and development of the Atashgah Field, which is believed to contain as much as 540-580 mm barrel of oil.

SOCAR said that the Atashgah Field's gas reserves have not been estimated, and that the discovery well should produce an approximation of those reserves once it has been logged and tested. At the moment, however, neither JAOC nor SOCAR could provide an opinion as to the commerciality of the well and declined to comment further until tests have been concluded.
Atashgah as well as the Tanan Tava and Mugan Daniz are held by JAOC and SOCAR equally.